Okay, So I think I may have not communicated the question properly, but I have the answer so I'm going to answer it.
My issue is someone wanted to add a new value to a 'Product' picklist for the Task object for a specific record type layout. The record type is 'Investment'.
Usually when I see this I go into the fields of the object in question, find the field - (Products) add the value, and go back to the record type specified and add it to the picklist for the record type.
This time around I was not able to find the Products field in the object (Task).
ANSWER: You can create custom fields for task and events however, the process varies in comparison to creating custom fields for other objects. Since events and tasks are both listed as part of the activities object you will need to create your custom fields for task and events by navigating to:
Classic: Setup | Customize | Activities | Activity Custom Fields | New
Lightning: Gear icon | Setup | Object Manager | Activity | Field & Relationship | New
My 'Product' field was in the Activity Object not the Task Object